Rivian previously announced that it produced 9,395 electric vehicle units during the first quarter of 2023 but managed to deliver 7,946 vehicles to customers.
Rivian Automotive Inc (NASDAQ: RIVN), an American electric vehicle manufacturer, announced its Q1 2023 financial earnings results. During the first quarter, Rivian reported a net loss of about $1.349 billion compared to $1.593 billion recorded during the first quarter last. According to analysts surveyed by Refinitiv, the expected loss per share was about $1.59, versus $1.25 reported during the first quarter. Notably, the automotive electric company reported a revenue of $661 million versus the $652.1 million forecasted by analysts surveyed by Refinitiv.
As a result, the company’s stock market edged higher during Tuesday’s after-hours trading session. According to the latest stock market update from TradingView, RIVN shares were up approximately 5.56 percent to trade around $14.63 during Tuesday’s extended trading period.
Closer Look at Rivian Q1 2023 Results
Earlier last month, the company announced that it produced 9,395 electric vehicle units during the first quarter of 2023 but managed to deliver 7,946 vehicles to customers. The company announced that it remains focused on ramping up production for the rest of the year.
“Our core priorities for 2023 are unchanged,” CEO RJ Scaringe said in an earnings release Tuesday. “The team remains focused on ramping production, driving cost reductions, developing the [upcoming smaller] R2 platform and future technologies, and delivering an outstanding end-to-end customer experience.”
Moreover, Chief Financial Officer Claire McDonough, announced that the company is on track to achieve its full-year production guidance of 50,000 vehicles. As a result, the electric vehicle will have spent a total capital of about $2 billion by the end of the year.
Notably, the company’s R2 platform announced its course of delivering smaller electric vehicles that are cheaper than the R1T pickup, which has a starting price of about $73,000, by 2026. Additionally, the company noted that it is currently developing the R1S SUV and a series of electric delivery vans for Amazon at its factory in Normal, Illinois.
Market Outlook
The electric vehicle company has been on edge in the past two years, with its stock market down approximately 39 percent and 25 percent in the past year and YTD respectively. The $12.86 billion valued company reveal an average recommendation of Overweight after a review by 24 analysts. Additionally, Rivian shares received an average target price of 24.65, according to a survey conducted by MarketWatch on 24 analysts.
For instance, Alexander Potter of Piper Sandler downgraded the Rivian stock market to Neutral and slashed his price target to $15 from $63. Notably, Potter noted that there is concern over a cash crunch and predicted that the company will have to raise about $4 billion in the near future.
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